Miller launched Miller Value Partners in 2016 after working for 35 years at Legg Mason. He managed a fund there that surpassed the S&P 500 for 15 years through 2005.

Biggest Asset Allocation

Miller has a reputation for concentrating bets, but he has never invested half of a fund on one asset. He invested 20 percent in AOL at one time, close to that amount in Dell, and 10 percent in Fannie Mae.

Miller’s fund was nearly a third invested in bitcoin in late October, The Wall Street Journal reported, with around $154 million in assets. Bitcoin at the time was trading near $6,000

Bitcoin has since more than tripled, surpassing the $19,000 mark as investor interest has grown.

Miller’s company manages $2.2 billion, including separate accounts for mutual funds and high net worth individuals.

The company is examining ways to mitigate risk to the fund, he noted. He said bitcoin won’t hold half of the portfolio much longer, but that doesn’t mean he plans to sell it.

Soft On Altcoins

Miller’s fund has not purchased other cryptocurrencies to date, as he plans to keep the focus on bitcoin. He said most cryptocurrencies, based on monetary history, will be worthless.

Miller’s son, who manages a portfolio at his company, encouraged him to take an interest in an altcoin for which he is holding an initial coin offering in a month which he calls the first he has looked at that he considers investible.

Miller bought bitcoin in 2014 and 2015 at an average price of $350. Some purchases were below $200 and others above $500.